Byju’s raises $250 million in funding from existing investors

“Byju’s is now at a sweet spot of its growth story where the unit economics and the economies of scale are in its favour,” said Byju Raveendran, founder, and chief executive officer of Byju’s. “This means the capital we now invest will result in profitable growth and create sustainable social impact.”

Raveendran said that regardless of the adverse macroeconomic conditions, 2022-23 was going to be Byju’s best year in terms of revenue, growth and profitability.

Also read |
Byju’s to sack up to 2,500 employees in ‘rationalisation’ bid

The largest edtech firm in the country has been facing turbulent times over the past six months with questions being raised about the delay in announcing its audited results. In September it finally released it results after changes to its revenue recognition method
leading to the company’s losses swelling to Rs 4,588 crore.

The edtech startup said last week that it will
fire 5% of its 50,000-strong workforce or about 2,000-2,500 employees.

Discover the stories of your interest

The company said in a press statement that Byju’s aims to achieve group-level profitability by March 2023 with a three-pronged approach. It is consolidating all its K-10 India subsidiaries into one unit to leverage its synergies. Aakash Education and Great Learning, respectively into test preparation and upskilling, will continue to operate as standalone independent units.

Also read |
‘Red flags in Byju’s financials’: MP Karti Chidambaram seeks ICAI review